Vancouver, BC -- December 5, 2012 -- Veris Gold Corp. (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) (the "Company"). The Company is pleased to announce that it intends to offer up to 11,120,000 units of the Company (the "Units") at a price C$2.25 per Unit (the "Offering Price") representing aggregate gross proceeds of up to C$25,020,000 (the "Offering"). The Offering will be made in each of the Canadian provinces of British Columbia, Alberta and Ontario by way of a prospectus supplement to the Company's short form base shelf prospectus dated October 31, 2012, and in the United States pursuant to a prospectus supplement to the Company's short form base shelf prospectus filed as part of its registration statement on Form F-10 (File No. 333-184496) with the United States Securities and Exchange Commission (the "SEC") on October 19, 2012, as amended on November 1, 2012 and effective November 2, 2012, pursuant to the United States Securities Act of 1933, as amended.

Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder to purchase one common share of the Company for a period of 48 months (subject to early expiry in certain circumstances) following closing of the Offering at an exercise price of C$2.75.

The Company intends to use the net proceeds to complement cash flow from operations in order to (i) fund the development of Starvation Canyon mine at Jerritt Canyon, (ii) fund additional bonding for future reclamation obligations arising from the current years investment into a second tailings facility, (iii) fund exploration in areas with significant near term potential, (iv) fund the completion of re-grading existing rock disposal areas at Jerritt Canyon, the final item remaining under the Consent Decree, and (v) improve working capital and also for general corporate purposes, all of which is detailed in the Prospectus Supplement.

Shaun Heinrichs, Co-CEO and CFO, commented that, "This financing should provide all the financing required for Jerritt Canyon to move the Company towards targeted production rates of 180,000 -- 200,000 ounces for 2013 with the addition of Starvation Canyon in Q2 2013, which will be our highest-grade operating mine. A healthy balance sheet will also put us in a stronger bargaining position as we firm up third party ore toll milling arrangements, anticipated to start in Q2, 2013, and allows us to finish the final environmental requirement in the Consent Decree by re-grading the two remaining rock disposal areas at Jerritt Canyon."

The Offering will be conducted on a best efforts agency basis pursuant to an agency agreement to be entered into among the Company and a syndicate of agents co-led by Haywood Securities Inc. and Casimir Capital Ltd., and includes Global Hunter Securities LLC (collectively, the "Agents"). Global Hunter Securities LLC will offer the Units only in the United States.

Closing of the Offering will be subject to certain conditions, including receipt of all necessary regulatory approvals and the approval of the Toronto Stock Exchange.